It has become increasingly common in healthcare innovation to collaborate between industry players and academic institutions, as well as involvement in medtech accelerators. The synergies drive groundbreaking advancements in medical technology, but they also come with challenges. For a medtech accelerator to work with academic institutions requires a strategic approach and a deep understanding of the complexities involved, from navigating bureaucratic hurdles to aligning disparate objectives.
Keith Knutsson, CEO of Blue Wellington , https://bluewellington.co/, a medtech accelerator when explaining the challenges bridging the gap between academia and industry says academia often focuses on long-term research goals and fundamental scientific discoveries while industry operates within a more fast-paced, market-driven environment. This misalignment in objectives can lead to misunderstandings and frustrations on both sides.
Academic researchers are driven by the pursuit of knowledge and academic recognition. Industry partners are often motivated by commercial success and return on investment. Academic institutions may understand the practical applications and commercialization potential of their research but sometimes don’t understand timelines and how to get to the finish line.
It is a daunting task for medtech accelerators to navigate the bureaucratic landscape of academic institutions. The process of establishing collaborations, negotiating intellectual property rights, and securing funding can be slow and complex. Academic institutions often have their own internal policies and procedures that must be followed, adding another layer of complexity to the partnership.
In addition, determining ownership of IP generated through collaborative research can be a contentious issue, particularly when it comes to inventions and discoveries with commercial potential. Academic institutions have policies in place that govern the ownership and commercialization of IP, which vary widely from one institution to another. Navigating these policies and negotiating equitable agreements that satisfy all parties involved is a complex and time-consuming process.
Academic researchers feel pressure to publish their findings quickly, while industry partners prioritize confidentiality and proprietary information. The balance of competing interests requires careful negotiation and a shared commitment to goals. By leveraging the complementary strengths of each partner – academic expertise, industry experience, and entrepreneurial spirit – these collaborations can lead to the development of inventive medical technologies that improve patient outcomes and transform the delivery of healthcare.